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you're ready to create a new company file. which of the following quickbooks features should you use? correct answersEasyStep interview ace just bought a new vehicle for the company. what account type should you use to track the value of a vehicle he has purchased? correct answersFixed Asset in quickbooks, the book value of a fixed asset account is represented by the sum if its cost and which subaccount? correct answersAccumulated Depreciation which account in quickbooks will help yo...

+ New menucorrect answers Displays a list of categorized transactions Top-Right navigation Toolscorrect answers Include Help, Search, and Notifications Gear Iconcorrect answers Company, Lists, Tools, and Profile menus. navigation barcorrect answers Gives Access to the various centers. Assetscorrect answers What the company owns Expensescorrect answers Company-incurred expenditures. Equitycorrect answers the investment made into the company. incomecorrect answers All the sale...

When are 2 times you might use the Setup screen in the Books review feature? correct answersWhen changing chart of account names When making adjustments to balance sheet account balances during the clean up process Your client wants to know if their future revenues and expenses will support them in adding a new product line. You are recommending that they set a budget. For which 3 of the following accounts can they set a budget? Petty Cash Sales Income Cost of Goods Sold Travel Expense ...

Why would you hide or collapse sub accounts on a report? correct answersD.) To temporarily hide unnecessary details and hide parent accounts What should you do after you click Save and Close on a Customer Credit Memo? correct answersD.) Choose between retained as an available credit, give a refund or apply to an invoice Which of the following can be memorized in QuickBooks? correct answersA.) Checks Which is NOT shown on the Payroll Summary Report in QuickBooks? correct answersA.) Infor...

During the company setup process, which of the following are NOT steps when creating a new company file? 1. Importing lists of customers and vendors. 2. Choosing your company's beginning Chart of Accounts. 3. Entering the company's address and other contact information. 4. Selecting the Multi-User mode option so that multiple people can log into a file at the same time. correct answers4. Selecting the Multi-User mode option so that multiple people can log into a file at the same time...

Accounting for the financial activity of any company involves correct answersrepetitive recording of day-to-day business activities. Recording common business activities does not include correct answerssetting up display of inventory Summaries of the financial information of a company are called correct answersfinancial statements The most common financial statements are the correct answersincome statement and the balance sheet With a computerized accounting software package, as busi...

Which are two benefits of the close the books feature in quickbooks online? correct answersit generates a closing date detail report, users cannot change transactions in a closed period Categorize each of the following statements as either cash or accrual accounting method companies makes a sale and records expected revenue as accounts receivable transaction company makes sale but revenue is not realized until invoice is paid provides accurate picture of profitability of a company ...

To memorize a report: correct answersCreate a report > Memorize The following taxes are reported on form 941 except: correct answersState income taxes withheld from the employee paychecks When saving reports as a file to a disk, QuickBooks permits you to select from all of the following file formats except correct answersAdobe text file When creating paychecks using QuickBooks, you must deduct withholdings from employees' pay for all of the following except: correct answersFederal...

You were hired by a company that has never used QuickBooks for payroll. Placed the following steps below in order you would perform them to set up their QuickBooks to pay employees. ____Create your first paycheck ____Complete the Payroll Setup interview ____Select a payroll service like Basic or Enhanced ____Start the Payroll Setup interview ____Enter employees, taxes and year-to-date payroll if necessay correct answers5 3 2 1 4 You purchase something with a debit card. Place the...

Which of the following statements is true regarding Undeposited Funds in QuickBooks? correct answersUndeposited Funds is an account used to record payments before you make a deposit/ What is one reason to not use a deposit or journal entry screen to record sales? correct answersIf you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports. You're setting up a new customer. How do you tell QuickBooks that this customer's invoices shoul...

Which two user types below would be able to write a check in Quickbooks Online. (Choose 2) correct answers- Company Admin - Standard user with vendor access only Select two benefits of using Quickbooks Online. correct answers- Companies can easily invite their outside accountant to access the QBO company file remotely. - QBO is in the cloud and can be accessed from anywhere as long as you have an internet connection. Which two statements below are correct as it relates to the Close the ...

How many bank accounts can you download transactions from in QuickBooks Online Simple Start? correct answers1 Federal law requires businesses to have some kind of accounting system in place. True or False? correct answersTrue Where would you find the tools that allow you to access the tasks, reports, and forms available in QuickBooks? correct answersThe Menu Bar Which center would you use to download and enter transactions directly from your credit card or bank accounts? correct answers...

during the company set up process which of the following is NOT a step when creating a new company file correct answersselecting the multiuser mode option so that multiple people can log into a file at the same time which of the following statements about setting up multiple company files is true correct answersquickbooks can create & store into for an unlimited number of company files when you set up a new quickbooks conpany how do you set up a new item & service that isnt on the default ...

Chart of Accounts correct answersThis is the name of the list of accounts the company uses as it conducts its business deits and credits correct answerseach account in the general ledger shows all increase and decreases Accounting correct answersto edit account names and add account numbers, begin by clicking this option on the Navigation bar create icon > journal entry correct answersto enter the opening balances in the Journal Entries window ACTION correct answersIn the Vendor w...

Tommy needs to access the Account and settings menu in his QuickBooks Online account to edit company information. Choose the two ways in which he could access this part of QuickBooks Online. a. Select Account and settings next to the company's name on the company's QuickBooks Online homepage b. Select Settings, then select Account and settings c. Select the company's name at the top of the company's QuickBooks Online homepage d. Scroll to the bottom of the QuickBooks Online hom...

Client Needs Assessment Process correct answersWho, What, When, and How Who? correct answersGet to know who your client is, what they stand for, what they're aiming for and where they're coming from What? correct answersEvery business, large or small, has a variety of parts. You need to find our what they are in order to best discuss QBO functionality and benefits with them, When? correct answersHow often do they run reports? What are their internal and external deadlines? All of ...

When setting up a new QuickBooks account, which of the following is TRUE about the Chart of Accounts? correct answersIt is possible to add more accounts after starting a new company. You just set up a new QuickBooks company and your employer needs you to create a Chart of Accounts. Which of the following is TRUE? correct answersAccounts are automatically created based upon your industry type, however you CAN add more accounts later. You're setting up a new QuickBooks account for a busin...

What information is required before you set up a QuickBooks file? correct answersYou need a start date for your company's fiscal year; account balances and transactions (unless you begin using the software when you start your business) How to start a new company data file in QuickBooks (Easy Step Interview)? correct answersLaunch the program and choose 'Create new company' then 'Express Start' 1) You will need to enter your company information (Company name, industry, compan...

During the advanced/detailed setup, you can turn on and off which features in the EasyStep Interview correct answersSales Tax, Inventory, & Progress Invoicing. To turn off AFTER the easy step interview, choose edit --> preferences. During the Advanced/Detailed Setup, you can set up a password for which of the following users during the EasyStep Interview? correct answersAdministrator. When setting up a new company through the Advanced/Detailed Setup, some company information is optiona...

How would QuickBooks Online alert you of a discrepancy in the beginning balance when reconciling your clients' accounts? A. An error message will be displayed once the reconciliation has been completed B. The account to be reconciled will be greyed out in Account to reconcile dropdown C. An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet, as the beginning balance is off correct answersC. An alert will be displayed in the reconc...